PM 508 Managing Risks: Project and Business

Risks associated with cost, schedule, quality, and performance are prevalent in project work and therefore need to be managed. This course exposes students to a plethora of project risks and the means for effective mitigation. Specifically, students will investigate principle theories and practices of risk management to learn the latest techniques for identifying, assessing, and evaluating trade-offs to manage the various types of risk associated with a project. These theories and practices will help students devise effective strategies to prevent and/or respond to potential risks in a timely manner. From such work, students will learn about the impact of project risk as it relates to the probability of failure to achieve the business goals associated with the project and further determine the potential damage it has to the overall organization.

Credits

3

Outcomes

1. This course will prepare students to:
2. Understand the application of risk management relevant to project success.
3. Explain the effects of heuristics and cognitive biases on decision making.
4. Analyze complex project situations using philosophical and ethical principles of risk management.
5. Demonstrate the processes to identify risk especially as it pertains to assumption analysis, constraint analysis, complexity analysis, and the means to determine and manage risk.
6. Demonstrate capable skills and competencies to plan for risk with knowledge of best practices and appropriate mitigation strategies.
7. Demonstrate a practical understanding of threat versus opportunity risk, the differences between business, portfolio, program, and project risks and the relation among them all, and the organizational behaviors toward risk (tolerance).